Net interest income during the quarter grew by 21.4 percent year-on-year to Rs 22,691 crore with loan growth of 12.1 percent YoY and 4.6 percent QoQ.
Shares of State Bank of India fell over 2 percent on Monday morning even as the lender reported steady profit for December quarter. In fact, CLSA and Jefferies have hiked their targets on the stock.
The bank’s Q3FY19 net profit was up at Rs 3,955 crore against a loss of Rs 2,416.4 crore in same quarter last year.
Net interest income during the quarter grew by 21.4 percent year-on-year to Rs 22,691 crore with loan growth of 12.1 percent YoY and 4.6 percent QoQ.
Net NPA was at 3.95% versus 4.84%, while gross NPA was at 8.71% versus 9.95%, QoQ.
Brokerage: Jefferies | Rating: Buy | Target: Raised to Rs 365 from Rs 345
The global research firm has lowered FY19 EPS by 20% owing to higher charge-offs & operational expenditure. It has tweaked FY20/21 EPS Estimates By 0.3%/0.4%. It also said that valuations were below historical average.
Brokerage: CLSA | Rating: Buy | Target: Raised to Rs 380 from Rs 370
CLSA said that the stock was its preferred pick among PSUs. Further, it added that profit was ahead of estimates, aided by higher treasury gains. A key positive was the decline in slippages. It sees scope for credit costs to halve over the next two years. CASA franchise is the bank’s key strength. Improvement in growth will be key to support lending opportunities.
At 10:00 hrs State Bank of India was quoting at Rs 280.60, down Rs 3.70, or 1.30 percent, on the BSE. It touched an intraday high of Rs 284.10 and an intraday low of Rs 278.00.
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